Bitcoin Technical Analysis

[cryptobird71]

Hey All,

Just thought I would post my Bitcoin Technical Analysis for today 12/26/18.

 

Looking for a drop off at least to the $3,450 mark which would be a last stand mark for the bulls to hold hope to full-fill this inverse head and shoulders pattern that has been in the making for the last month. 

The Bullish Outlook:

Bitcoin ripping to the upside would need a massive move upward within the next few days and then finding support above $4100, preferably a consolidation in the $4,150-$4,300 marks.  Once its found support I can see it testing up to the $4,600 and possibly even the $5k and $5,200 levels.  This exhausted look of a trend would also need to stop and we would need to see this volume, RSI and momentum pick up in a big manner.

(4hr Auto XBTUSD Pairing BitMEX Chart)

The Bearish Outlook:

Something I would like to point out is with not making another high yet in this inverse head and shoulders attempt, another bearish indicator is that we are forming another descending triangle on the weekly timeframe.  Descending Triangles break to the downside 70% of the time based on classic technical analysis rule of thumb. Chart Shown Below

(Weekly Logarithmic/Auto BitcoinUSD Pairing Coinbase Chart)

The 50 Week and the 100 Week Moving averages are poised to Death Cross violently here in the coming weeks ahead, looking to potentially crush the small 200 Week Moving average that has just been created. Chart Shown Below

(Weekly Logarithmic/Auto BitcoinUSD Pairing Coinbase Chart)

My Custom Charts for XBTUSD pairing on BitMex

If this $3,450 mark does not hold and have a major bounce , I am looking to discredit the inverse head and shoulders pattern as the right shoulder would have broken the last wicks of support in that range.

What you can see here on my charts is the extrapolated lines for a bear flag play out as well as a bullish outbreak.  As seen it looks very bearish and in favor of breaking to the downside although the bulls are making for one last break above $3,850 as i type this

(4hr Auto XBTUSD Pairing BitMEX Chart)

[Mateusz]

Wow, that's awesome that people actually spend time on analysing something that depends on people.

You cannot predict if some big fish will go into BTC and bump the price, and then the other fishs will follow him leading to an ATH.

It's all random, ofcourse there are schemes that likes to comes from time to time but come on.

"Number one rule of Wall Street. Nobody... and I don't care if you're Warren Buffet or if you're Jimmy Buffet. Nobody knows if a stock is gonna go up, down, sideways or in fucking circles. Least of all, stockbrokers, right?"

[cryptobird71]

Trading is not like gambling.  Sure you play odds and stuff like gambling but is in a completely technical sense.

I been doing stellar this whole bear market.  Technical Analysis being based on mathematics; Calculus, Stats & Probability, Linear Algebraic Expressions, Trigonometry, Algorithmic, Quadratic and Logarithmic Algebraic Expressions used and plenty more.  Senior Technical Analysts for major wallstreet funds are the guys that figure out exact price targets based on these types of math.  But in general, YES You can have a very good indication of where the market could end up before a support or resistance bounce is plausible based on these types of math.

Warren Buffet is not a senior technical analyst for Berkshire Hathaway.  He is a senior trader and his entire mindset is fundamental.  So the comparison is void.

You can use indicators to give you the best indication on whether or not a move up or a move down is favorable and is also why you must be knowledgeable in traders and market psychology.

That way when you figure out whether you are longing or shorting you can be on the best end of your trade psychologically too.

Sure there are few times where a whale comes in and buys or sells a handful of bitcoin that affects the market but even then they still wait for the indicators to show it is time to sell.

So even in that situation if you have market and traders psychology you can mask the ideas that a whale could have in play.  If you do then you have a profit trade.  If you don't and price action goes against you well then have stop losses set to where you dont get rekt.

[Kate]

I would suggest you use this analysing power for trading bitcoin cause you can get a huge profit from it in my opinion.